Bitcoin resists equity market pressure

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Bitcoin resists equity market pressure

<p class="MsoNormal">Market
picture</p><p class="MsoNormal">Bitcoin
declined 0.4% over the past week, ending at around $19,900 without experiencing
any significant movement during that time. For now, we can only say that the
crypto market is wagering on the strengthening of the dollar, and to a markedly
lesser extent than other markets. Ethereum added 5.9% to $1570, while other
leading altcoins from the top ten showed mixed dynamics: from a decline of 1.3%
(BNB) to a growth of 13% (Cardano).</p><p class="MsoNormal">Total crypto
market capitalisation, according to CoinMarketCap, rose 2.5% over the week to
$976bn. The cryptocurrency Fear & Greed Index lost 8 points over the week
to 20, returning to "extreme fear" status.</p><p class="MsoNormal">Bitcoin
stood aloof from key market movements last week, moving on a short leash around
$20K. Meanwhile, tectonic shifts were taking place in the markets as the dollar
continued to renew multi-year highs and stock markets returned to a sell-off.</p><p class="MsoNormal">Cardano rose
sharply at the end of the week on the back of the news. IOHK, the company
behind the Cardano project, has set a date for Vasil's update - the largest and
most important hardfork in the project's history will take place on September
22.</p><p class="MsoNormal">News
background</p><p class="MsoNormal">According to
analytics service TipRanks, HODLers are refusing to sell the cryptocurrency.
62% of wallets hold bitcoins for more than one year. 32% of addresses control
BTC for 1 to 12 months, and only 6% of investors hold cryptocurrency for less
than 30 days. At the same time, both profitable and unprofitable addresses have
a 48% share.</p><p class="MsoNormal">Bitcoin
miners' revenues in August amounted to $657 million and increased for the first
time since March. The growth in revenues was helped by the growth of the first
cryptocurrency's network hash rate.</p><p class="MsoNormal">Despite the
crisis, investor confidence in cryptocurrencies increased slightly over the quarter.
65% of retail investors and 70% of institutional investors trust digital
assets, according to a survey by cryptocurrency exchange Bitstamp.</p><p class="MsoNormal">Cryptocurrencies
are helped by the aura that, in the long term, they are more promising than
stocks and other risky assets, as they are at an early stage of adoption and
still undervalued by the market.</p><p class="MsoNormal">Ethereum
co-founder Vitalik Buterin called the current bear cycle expected. In his view,
Terra's collapse and market decline are a boon for the crypto industry, as they
help identify problems and unsustainable business models well.</p><p class="MsoNormal">With the
rising capitalisation of the crypto market, the DeFi sector could pose
long-term risks to financial stability, according to the US Federal Reserve.</p><p class="MsoNormal">This article was written by <a href="https://www.fxpro.com/" target="_blank">FxPro</a>'s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

Source: Bitcoin resists equity market pressure

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